高盛美股招股说明书(2025-07-21版)

The information in this preliminary prospectus supplement is not complete and may be changed. Thispreliminary prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities inany jurisdiction where the offer or sale is not permitted. GS Finance Corp.$ Autocallable Variable Coupon Equity-Linked Notes due guaranteed byThe Goldman Sachs Group, Inc. The notes do not pay a fixed coupon and may pay only the minimum coupon amount on a payment date.Theamount that you will be paid on your notes is based on the performances of the Class A common stock of PalantirTechnologies Inc., the common stock of Tesla, Inc., the Class A common stock of Affirm Holdings, Inc. and the Class Acommon stock of AppLovin Corporation. The notes will mature on the stated maturity date (expected to be August 5,2030), unless automatically called on any observation date, commencing in July 2026 to and including June 2030. Yournotes will be automatically called if the closing price ofeachindex stock on any such observation date isgreater thanorequal toits initial price (set on the trade date (expected to be July 28, 2025) and will be an intra-day price or the closingprice of one share of such index stock on the trade date). If your notes are automatically called, you will receive apayment on the next payment date (the fifth business day after the relevant observation date) equal to the face amountof your notesplusa coupon (as described below). Observation dates are expected to be the 28th day of each month (provided that the observation date for July 2030 isexpected to be July 29, 2030), commencing in August 2025 and ending in July 2030. If on any observation date theclosing price ofeachindex stock isgreater thanorequalto 80% of its initial price, you will receive on the applicablepayment date a coupon for each $1,000 face amount of your notes equal to (i) theproductof $6.75 (0.675% monthly,or the potential for up to 8.1% per annum)timesthe number of observation dates that have occurred up to andincluding the relevant observation dateminus(ii) thesumof all coupons previously paid (the maximum couponamount). If the closing price ofanyindex stock on an observation date isless than80% of its initial price, you willreceive on the applicable payment date a coupon of $0.209 (0.0209% monthly, or the potential for up to approximately0.25% per annum) for each $1,000 face amount of your notes (the minimum coupon amount). At maturity, for each $1,000 face amount of your notes you will receive $1,000 plus the final coupon. You should read the disclosure herein to better understand the terms and risks of your investment, includingthe credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-19.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $850 and $890 per $1,000 face amount. For a discussion of the estimated value and the price at whichGoldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the followingpage. Original issue date:expected to be July 31, 2025Original issue price:100% of the face amount* Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-39foradditional information regarding the fees comprising the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapprovedof these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to thecontrary is a criminal offense.The notes are not bank deposits and are not insured by the Federal DepositInsurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, abank. Goldman Sachs & Co. LLC Prospectus Supplement No.dated, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We maydecide to sell additional notes after the date of this prospectus supplement, at issue prices and with underwritingdiscounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) onyour investment in notes will depend in part on the issue price you pay for such notes. GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectus is being used in a market-making transaction. Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined byreference to pricing models used by Goldman Sachs &